There are a myriad of techniques and strategies that fall under the heading of asset protection.
But they are all focused on one or the other of these points...
Protection from creditors and taxation (generally income, capital gains and gift) during the operating life of the plan; and / or
Protection from government through taxation on death (generally estate / inheritance, gift, capital gains through deemed dispositions on death)
One very important strategy for family business owners to consider is creating a Family Limited Partnership (FLP). To learn more about how a Family Limited Partnership can benefit your family and your family's business
Family Limited Partnerships
While it is not an option for every family business, a wealth preservation strategy that does not get a lot of attention -- create a "captive" insurance company.Captive Insurance Company
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